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Getting started

Here you'll find answers to questions about features on our home loans and finding the loan that's right for you. If you want to talk to a Bank of Melbourne home loan expert, call us on 13 22 66.

The deposit you need depends on the type of loan you are taking.

1. Generally, a 20% deposit is required to borrow without mortgage insurance. However, with Lender's Mortgage Insurance you only need a 5% deposit if you've been a Bank of Melbourne customer for at least 6 months, or 10% if you are new to Bank of Melbourne.

2. With Portfolio Loan you will need a deposit of 20% to avoid Lender's Mortgage Insurance. With Lender's Mortgage Insurance, you'll need a deposit of 10%.

We have a large selection of home loan options to meet your individual needs. Our Home Loan Product Selector makes it easy to choose a suitable home loan to suit your needs or lifestyle. You can also compare Home Loan features or talk to a Bank of Melbourne home loan expert on 13 22 66.

Bank of Melbourne Family Pledge is a way for your parents or family to help you purchase a home without actually providing money for a deposit. Instead, your parents or family use their own home equity to provide additional security for a portion of your loan amount.

This solution reduces your loan to value ratio and can also save you a significant amount of money in Lender's Mortgage Insurance (LMI). Lender's Mortgage Insurance is generally payable on loans that exceed 80% of the value of the property.

You can apply online. Completing the application is quick and simple and should take you less than 15 minutes. Once you submit your application, you will receive an immediate acknowledgement that it has been received, along with an estimated repayment amount and next steps to gaining full approval. To save time and provide even more convenience, one of our Home Loan experts will contact you at a time of your choosing (between 8am & 10pm, 7 days a week, EST) to verify your information, discuss your loan needs and progress your application.

Basic requirements include proof of income (for example, salary statements, rent received, etc.) and evidence of savings. Self-employed and company applicants need to provide copies of recent tax returns and financial statements. Copies of the Contract of Sale or Building Contracts for new homes are required.

There are a number of variables that influence whether you'll need Lender's Mortgage Insurance and it is not necessary in all circumstances. Generally it is required if you are borrowing more than a specific value of the property (normally when you are borrowing more than 80%), however this condition varies depending on a number of factors including property type, location of the property and loan type.

Lender's Mortgage Insurance protects the Bank against loss in the event that you default on the loan. In the case of a loan foreclosure, if the property is subsequently sold at a price that does not cover the loan in full, this insurance will cover the debt owed to the Bank.

We know this is an important part of the process for you so we try to approve all of our applications as quickly as possible. In some instances, you may get an approval in principle on the spot. We generally take 24 – 48 hours to give you an answer once all required documentation has been provided.

Timing does vary depending on circumstances. If you are refinancing from another lender to Bank of Melbourne, we will have your loan switched over to Bank of Melbourne as quickly as the other lender can release the security documents.

If you are buying a new home, then once all checks on the security property are completed we can arrange to release the money. On average it takes about 4 – 6 weeks; however for properties in Queensland it can be much faster due to different legal requirements.

You only make repayments on the part that corresponds to your new home, and you can choose what type of product suits you best for this. The loan that will be cleared when you sell your existing property is at a standard variable interest rate, not expensive bridging finance which can be expensive, and you can choose to capitalise the repayments until you sell.

A home loan offset account is a savings account linked to your loan. The balance in the savings account is offset against the amount owing on the home loan when interest is calculated. This means that savings in your offset account will help you to save money and repay your home loan sooner.

The Detail

The information on our website is prepared without knowing your personal financial circumstances. Before you act on this, please consider if it's right for you. If you need help, call 13 22 66.

Conditions, fees and charges apply. These may change or we may introduce new ones in the future. Full details are available on request. Lending criteria apply to approval of credit products. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement, before deciding. Unless otherwise specified, the products and services described on this website are available only in Australia from Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.